1. Gold and Silver prices today
2. Precious metal rates June 4, 2024
3. Lok Sabha elections impact on Gold and Silver rates
Gold and Silver rates today (June 4, 2024) remained subdued amidst ongoing Lok Sabha election vote counting. MCX gold futures were flat with a negative bias at Rs 72,166 per 10 gm, while MCX Silver futures were flat with a positive bias at Rs 92,099 per kg. Analysts predict a mildly positive bias in day trade, with expectations of US macro cues influencing prices. Recommendations include buying gold August futures on dips at Rs 72,200 and buying Silver July futures on dips at Rs 92,000. In the international market, COMEX gold was down 0.13% at $2,366.3 per ounce. Support and resistance levels were also provided by experts. the benefits of digital marketing for businesses:
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Investors are advised to do their own research before making any investment decisions.)
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Gold and silver are two of the most popular precious metals in the world. They have been used for centuries as a store of value and a form of currency. Their prices are influenced by a variety of factors, including supply and demand, economic indicators, geopolitical events, and investor sentiment.
On June 4, 2024, domestic precious metal futures were subdued amid ongoing Lok Sabha election vote counting. MCX gold futures for August 5 were flat with a negative bias at Rs 72,166 per 10 gm, while MCX Silver futures for July 5 were flat with a positive bias at Rs 92,099 per kg.
According to Neha Qureshi, Senior Technical and derivative Research Analyst at Anand Rathi Commodities & Currencies, there is an overall expectation of a mildly positive bias to persist in day trade amid US macro cues ahead, including labor market numbers that could provide further direction to prices. Qureshi recommended buying gold August futures on dips at Rs 72,200, with a stop loss at Rs 71,800 and a target price of Rs 72,700. For Silver July futures, she recommended buying on dips at Rs 92,000, with a stop loss of Rs 91,000 and a target of Rs 94,000.
In the international market, COMEX gold was down 0.13% at $2,366.3 per ounce. Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, sees support at $2320/$2295-$2300 zone/$2277 and resistance at $2350/$2365/$2380/$2400. Singh expects spot gold to trade with a positive bias, although gains in domestic prices may be trimmed due to a possible appreciation in the domestic currency on the Lok Sabha election results. He sees support at $2330/$2320 and resistance at $2365/$2385.
It is important to note that these prices are indicative and collected from trusted sources. Investors are advised to conduct their own research before making any investment decisions.
Gold and silver are considered safe-haven assets, especially during times of economic uncertainty or geopolitical tension. They are often sought after by investors as a hedge against inflation and currency fluctuations. The prices of gold and silver can also be influenced by central bank policies, interest rates, and the overall health of the global economy.
Investing in gold and silver can be a way to diversify a portfolio and protect against market volatility. However, it is important to do thorough research and consider your own financial goals and risk tolerance before making any investment decisions.
Overall, gold and silver remain attractive assets for investors looking to preserve wealth and hedge against market risks. With ongoing geopolitical events and economic uncertainties, the prices of these precious metals are likely to remain volatile in the near term.
As always, it is recommended to consult with a financial advisor or investment professional before making any investment decisions in the precious metals market.